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CDC expands investment base

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Aboriginal and Torres Strait Islander COMMERCIAL DEVELOPMENT CORPORATION

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MEDIA RELEASE 24 February 1999 CDC expands investment base

Australia’s major Aboriginal and Torres Strait Islander investment agency is set to expand and diversify its investment portfolio.

Mr Ron Morony, Commercial Development Corporation General Manager, told a conference in Adelaide today that these investments would play a vital, strategic role in facilitating long-term economic outcomes for indigenous people.

Mr Morony was addressing the Doing Business with Aboriginal Communities: Towards Better Business Partnerships Conference in Adelaide today.

He said that as the mining and tourism industries often operated in remote areas they offered the only realistic opportunities for the local community to get work.

“In addition, we are now also negotiating with major financial institutions to get access to major developments in which we might contemplate investing,” he said.

“We are now moving to add to our alliances in industry. Using mining as an example, we have existing partnerships in: shipping, transport, and mining contracting”.

He said the CDC was about to enter into an agreement to invest in major accommodation facilities in the Northern Territory and other possible resort developments in north Queensland, the Torres Strait, Western Australia and Victoria were being considered.

The CDC was also exploring ways in which it could negotiate an equity level position for itself and the Aboriginal people in the Northern Territory in the planned privatisation or outsourcing of health care in the Northern Territory.

He said it was critical that the Aboriginal community be involved in any privatisation process. Aboriginals represented some 28 per cent of the Territory’s population and 50 per cent of the NT Government’s expenditure on health care was related to services for Aboriginals.

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